It’s happened thousands of times to thousands of other people. It’s time to buy a new car or take out a home loan. You’re all happy and excited about your decision and you apply for a loan. You know it’s going to go through because your credit’s fine.

Then the credit report comes back and you didn’t get approved for the loan. Or maybe you did but the finance rate is so high that you can’t afford it. Quick - you need to raise your credit score now.

A lot of times the person or company that’s helping you get the loan will advise you on how to do this. But a lot of them don’t, so you’ll need to know how to do it yourself. That’s okay because it’s pretty simple and anyone can do it.

The first thing you need to do is read everything you can about credit repair. Find out your rights and the laws that apply to credit repair. Keep real expectations about the process though. Don’t expect that in three weeks all of your bad marks are going to disappear and your credit score will shoot up 100 points.

That’s not how it works. You need to remember that it takes time and patience and hard work. But if you do these things a creditor will see the effort you’re making and take that into consideration of whether or not they will loan you their money.

Next get a copy of your credit report from each of the three largest credit bureaus; Experian, Equifax, and TransUnion. Each of them may have slightly different information so it’s important to read each one.

Next you’ll want to look for any incorrect information in your credit report. You can file a dispute letter for anything that you don’t agree with. Online, you can find example dispute letters and follow them exactly. The credit bureau has 30 days in which to do an investigation. If they can’t confirm the charge then they have to delete it from your credit report.

After this, you should look for outdated debt. There is a statute of limitation on debt. It can only appear on your credit report for a certain amount of time. If there is old debt on there check with the credit bureau to see if it’s time for it to be removed. It may sound silly but a lot of times people will have old debt on their credit report and they can easily get it removed.

If you have too many credit accounts open it can take a toll on your credit score. Look at what accounts you have. Decide which ones are most important and which ones have been with you the longest. The longer you’ve had a credit card the better it will do for your credit score. That’s because it gives you a longer history of good credit.

So if you decide to close some accounts try and close the newer ones first. It’s also an option to reduce the balance on an older credit card and just keep it to give you that longer history. Then you can have more room on your newer credit cards.

If you have late payments on your credit report you really need to come up to date on them. Call the creditor and ask for a payment plan to get up to date. Some credit companies will offer you a lower or no interest period in which to pay them back. After you’ve made a few consistent payments on those debts it will show up on your credit report. And when your prospective creditor sees your effort they will be able to take that into consideration.

So if you find yourself in a position in which you need to raise your credit score quickly just follow these steps. It will not happen over night but if you are consistent then you will definitely see the difference. Good luck cleaning up your credit score and don’t give up; your hard work will pay off.

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by SolveYourProblem.com : 2007

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